Impact of Digital Transformationon insurance houses

In what manner does Cogitate Technology Solutions experience the organizational ramifications as insurance providers undertake digital transformation and seek required talent for Insure Tech.

As insurance providers undertake and assume exciting digital transformations that enhance customer experience, drive productivity, and boost efficiencies, their main focus is often on only the technological advancements and changes. An often-overlooked aspect is the effect of such a transformation on the current workforce in the organization.

Most digital insurance journeys will impose the workforce to equip themselves with a skill set that is new, fresh, and valuable. To ensure this, insurance providers should:

1.    Carry out the recruitment of a new generation of workforce and select more youngsters and experienced individuals who thoroughly understand the business and are comfortable working with using modern and advanced technologies.
2.    Ensure that the current workforce includes valuable SME experts who must be retrained to harness emergent technology as and when they arrive in the market.
3.    Work procedures will be altered, requiring reorientation and retraining of existing staff for new, efficient processes.
4.    Most of the insurance providers will also need to address their employee’s sentiments towards losing their job due to obsolete skills and roles. Technology implementation will require revamping processes and training the employees to use new technologies.
5.    The leadership will have a critical part of the Change Agent. They must ensure that the transition from older methods to the new digital insurance ecosystem is smooth and swift.

While insurance companies realize that digital transformations will require a workforce with new proficiencies, what are the new skills their employees will need? How do they attract this talent to their organization? Cogitate Technology Solutions presents some pointers and some challenges to watch out for:

Identify missing competencies: The tectonic shift in the insurance industry may be tech-focused, but the organization as a whole, needs to rethink the competencies required for tomorrow. A simple step is to assess the skill gap in the current technical competency-set and those needed to meet the company’s digital transformation goals. The new workforce will include not just data engineers and data scientists but also experienced designers, technologists, and cloud computing specialists.
Since most insurance houses are on this journey for the very first time, an experienced digital transformation partner who can provide insights based on prior experience and augment in-house capabilities can be invaluable in this regard.

Hiring the right talent: The insurance industry needs to contend across sectors to attract the top talent. According to code.org research, there are half a million open IT jobs, and the insurance industry will have to battle fiercely for their share of the talent. Their competition will be with the tech giants and the best-of-breed organizations from across the board.

The task will be made harder by the fact that STEM (“Science, Technology, Engineering, Math and Computers”) graduates usually do not consider the traditional insurance business as a serious, long-term career option. Insurance will also need to find a generational shift, especially in light of the aging workforce in the insurance industry. Insurance providers need to start thinking of not just selling to millennial, but becoming an attractive employer for them, too. Evolving competitive strategies, along with its dynamic features to attract, nurture, and retain talent with the critical skill sets, will be a requirement to keep pace.

Although hiring will remain critical for insurance providers, again, a collaboration with the right technology partner who has a ready software talent pool to deploy your digital transformation strategy can make all the difference. Insurance software companies in USA focus on these needs and carefully estimate an insurance software solution.

Shifts in management paradigms: The other part of addressing the competency gap does develop the leadership required to help an insurance company. Developing managing capacity in-house is an absolute must for any insurance provider who aims to remain relevant in the new Insure Tech ecosystem. As insurance companies transform and evolve digitally, new competencies like advanced analytics will become indispensable to be able to leverage the technology, and they will need to re-skill themselves to manage a much younger workforce. Managers will need to assimilate skills, insights, and technology from across the organization and must be supported with buy-in from the leadership.

Cogitate Technology Solutions has worked with some of the biggest Insurance Solutions providers in the US on their digital transformation journeys. To understand how we can help you, too, please visit our website: www.cogitate.us.

How to Evaluate the Right Claims Management System for your Organization

It is a daunting challenge yet essential to find the right Claims Management Software that will meet the requirements of the organization. Other than making a claim servicing better while compressing the costs, the ideal claims management solution should also be customizable so that the claims processing can be tailored according to the requirements of an individual. Moreover, trying to come up with solutions that just meets the business requirements today isn’t enough. The future is unpredictable. So the solutions need to be flexible enough to handle the demands that may emerge in the future.

So, it’s already evident how important it is to choose the right claims management software. But how to get started with this process? What are some of the factors that hold weight before making a decision?

Over the years, the best insurance companies in the United States of America have chosen Cogitate Technology Solutions as their technology partner. And based on our experience with providing claims management system requirements to the best industry leaders out there, we have singled out the vital factors that need attention when you’re choosing a claims management software.

Understand your requirements: Today, there is an overabundance of Claims management applications available in the market. However, each system has its own pros and cons. But it would be best if you were sure that the claims management system you choose offers all the perks you desire. But how to ensure that? The first and the most essential factor is to have clarity on your primary requirements.

Additionally, you also need to have an in-depth knowledge of the challenges your business is facing and also what is lacking in your current processes. Once you gain clarity on these factors, it will be a much easier task to select a claims software that will address all your specifications. It would help if you had a claims management software that will take care of the issues with high priority.

Be prepared for change: For organizations that already function in a specific way and follow established processes, it can be difficult for them to accept change all of a sudden. And when you implement a new claims management system, the methods and the workflows existing in the organization are bound to face some modifications. But to reduce the chaos, it is important to make sure that the transition goes on smoothly. So, before introducing the new methods for doing things, it is a crucial step to handle the change management carefully. Moreover, there is another equally important factor. Evaluating only the claims management software being offered by the solution providers will not do. It is also essential to consider the support and the training they are going to provide to make the transition process more manageable.

Understand your user: An advanced claims management software will affect numerous stakeholders within the organization. It can affect the business teams, claims management department, agents, and even the customers. That is why it is essential to know the requirements and also the opinions of the different stakeholders not to cause any disagreement. This makes it easier to find claims management software that is relevant for every member of the organization. Along with choosing or selecting, implementing the methods is another significant step. It is better to clearly define the roles and responsibilities of all the concerned stakeholders. Also, they should be provided with sufficient training and support.

Find a solution that matches your plans: Every organization has some specific strategies for itself since its inception. Your firm may be a leading organization with ambitious plans for the future or a newbie who wants to grow and expand at a steady pace. No matter what your plans are, you need to make sure that the claims management software you choose, it should effectively complement both your short-term and long-term objectives.

Find the right solution provider: The correct solutions provider isn’t the person who plays the role of a vendor and supplies technology to your firm. Instead, they are your partners and your helping hands who invest their time and effort to understand the requirements of your organization and then help you to implement the solution within your business. But that isn’t an easy task, either. The Insurance Solutions providers, in this case, need to have an in-depth knowledge and understanding of the insurance domain. They need to have successful implementations in their track records should have the potential to cater to your evolving requirements.

Be it insurance carriers, third party administrators, or independent adjusters; Cogitate Technology Solutions offers management tools that meet the needs of everyone. Our cutting edge Claims FNOL solution is based on web and mobile technologies. You can easily integrate it with existing systems and enables complete automation of the FNOL process via web portals, mobile applications, and futuristic technologies like chatbots. Our advanced Demand Letter awareness and Litigation Management tool- Demand Assist uses artificial intelligence and machine learning to analyze and prioritize claims associated with attorney demands, more skillfully. 

To learn and understand more how Cogitate Technology Insurance Solutions works and how they can complete the quest of searching for the best claims management software that suits your needs, visit www.cogitate.us.

PnC Insurance 2020

There is one extraordinary thing when it comes to the meaning of the future. It is something that is very much unpredictable, but at the same time, we can be prepared for it. Previously we saw that the face of Property Casualty Insurance Software has changed in a blog post. Here in this post, Cogitate Technology Solutions looks into how specific mega-trends can shape the structure of the property and casualty insurance in the next ten years. 

Social buying: Generally, there is always a link between insurance providers and customers. This helps in better communication and clearing the doubts the customers might have. The primary role of these agents is to understand the needs of the consumers and business needs. They also personalize the solutions according to the customer to make them a proper fit. 

However, the world is turning digital, and so are the people. The Internet is reaching people all around the world. Because of this Internet, supplementary direct sales are trending right now, and after it emerged, it has been doing quite well. Moreover, even the customers showed that they prefer to buy directly from their insurance providers.

Direct sales are fast, more convenient, and is accessible by almost everyone. The providers can reach customers in different geographical areas, and this increases opportunities. But that is not all. Direct sales have an advantage that plays a massive role in their popularity today. The insurance providers do not have to follow any time restrictions. They can reach out to the customers and offer their services whenever there is demand from the customers. 

The agents act as advisers and as a sales channel for the insurance companies. But they are not only ones who play that role. Looking at the social trend today, it seems the customers also the network of 'social advisers.' The different self-insuring online communities out there and the influential social networks can pose challenges for the insurance companies. In this case, insurance providers who build capabilities on multiple digital platforms can solve all the problems. 

Climate change: The insurance industry has the potential to efficiently deal with natural disasters with a low frequency like earthquakes and tsunamis. But the main problem occurs when severe calamities occur like unseasonable cyclones, hurricanes, floods, and fires. Moreover, the rate of these calamities is increasing with each passing year. Hence the property-casualty insurance domain is facing tons of issues underwriting these risks more so because there is no data available in these cases for assessing risks. 

There is a high requirement for the P&C insurers to use the latest technology, which can monitor and sense the weather. They can also opt for hyperlocal weather data and new ways to transfer risks. The Insurance Software Companies in USA are always pressurized to come up with unique solutions to share risks. Such solutions, like investing more in renewable energy resources, will affect them. Insurance companies will get the opportunity to tackle the twin challenge of skyrocketing prices and reduced capacity. 

Emerging markets: The world economies are getting increasingly dependent on each other, and the trend is going nowhere. The rising markets have shifted their attention towards plenty of wealth creation, and the developed economies faced some effects during the 2008 financial crisis. These two will play a vital role in all sectors. The population of the middle class is rising in the developing nations, and the emerging economies are witnessing their consumption. Moreover, the earning population is growing much more than the dependent population in developing countries. 

There has been a shift in momentum from the dominant developed nations to the increasing growth of the emerging economies. And the property-casualty insurance and other insurance providers need to prepare for it and come up with insurance solutions. 

Globalization: The insurance companies are very much interested in the trend of emerging markets. Businesses are now focusing on the new market that will provide the maximum benefit. The demands of the middle class are rising, and they are ready to pay for new, innovative P&C business lines. But it will be a challenge to serve new customers in this market and preserving the old customers expanding to new markets. 

All the markets do not follow global standards. So the insurance companies will have to reinvent insurance solutions and practices for these markets. They will have to design standardized products and policies for the customers who are present across economies. Moreover, the insurers will have to understand and help in modernizing the traditional distribution network in these nations. Dangerous houses must be ready to be appropriately scrutinized for fraud and money laundering. In this case, it is better to build strategic alliances with local insurance providers to manage financial and reputation risk. 

The future scenario is vast, and at present, there are no reliable solutions to meet them. To turn challenges into opportunities, the insurers will have to depend on strategy, talent, organizational strength, and core competencies. Some of these factors will be very easy to follow in the case of specific organizations. The other factors can be acquired with the help of a strategic partnership. And this is where Cogitate Technology Solutions can help. To know how visit www.cogitate.us.

Choosing the Right Claims Management Software System for Your Organization

When choosing a Claims Management Software, what aspects should an insurer consider? Cogitate lists the important factors to keep in mind for those involved in making insurance technology related decisions.

Claims Management Software

Claims Management Software

Finding the right claims management software that meet the organizational requirements can be a formidable challenge. An optimal claims management solution should not only improve claim servicing while reducing costs, but also be customizable so that it can be tailored to your specific needs when it comes to claims processing. Furthermore, it should not just be suited for the business needs of today, but also be flexible to handle the requirements that may arise in the future.

But where do you begin? What are the factors that need to be assessed before you make a decision? 

Over the years, Cogitate Technology Solutions has been the technology partner for leading insurance companies in the United States of America. And based on our experience supporting the claims management requirements of these industry leaders, we have identified the important factors to consider when you’re choosing a claims management software.

Understand your requirements: Today, there are a plethora of Claims Management applications available in the market. However, each system comes with its own pros and cons. To make sure that the claims management system you choose, offers the desired benefits, the most important factor is to have clarity on your key requirements. Furthermore, you must also have an in-depth understanding of your business challenges, as well as where your current processes and tools are lacking. Once you have clarity regarding these factors, it will be much easier to choose a claims software that would appropriately fit your specifications. .

Be prepared for change: Accepting change can be difficult, especially for organizations that have already established processes and a particular way of functioning. And when you implement a new claims management system, it is inevitable that processes and workflows that exist within your organization will undergo a change. That’s why it is important to carefully handle change management, before introducing a new way of doing things, so that the transition is smooth. Another factor to keep in mind is to evaluate not just the claims management software being offered by the Insurance Solution provider, but also the support and training they would provide to ease the transition.

Understand your user: A new claims management software will affect multiple stakeholders within the organization such as the business teams, claims management department, as well as customers. That’s why you need to clearly understand their requirements and possibly involve them in the decision-making process. This will enable you to choose a claims management software that would best suit the needs of every relevant user-group. During the implementation, roles and responsibilities must be clearly defined and adequate training and support should be provided to all the concerned stake holders.

Find a solution that matches your plans: Your firm may be a large organization that has aggressive growth plans for the future, or you may just be starting off, with an aim to grow and expand your capabilities at a measured pace. Whatever your plans, you need to ensure that the claims management software you choose, would effectively complement your long-term and short-term business objectives.

Find the right solution provider: The right provider should not just be a vendor supplying technology to your firm. Instead, they need to be your partner who would invest time and efforts to understand your requirements clearly and then help you successfully implement the solution within your organization. This makes it crucial for the solution provider to have an in-depth knowledge and understanding of the insurance domain, have successful implementations as part of their track record, and have the capability to cater to your evolving needs.

Cogitate Technology Solutions offer claims management tools that cater to the varied needs of insurance carriers, third party administrators, and independent adjusters. Our advanced Claims FNOL solution is based on web and mobile technologies. It is easily integrable with existing systems and enables complete automation of the FNOL process through web portals, mobile applications and futuristic technologies such as chatbots. Our state-of-the-art Demand Letter Awareness and Litigation Management tool – Demand Assist, uses AI and machine learning to analyze and prioritize claims associated with attorney demands, more efficiently.

To understand how Cogitate Technology Solutions can help you fulfil your quest for the right claims management software suited to your needs, visit www.cogitate.us.

Data Analytics for Claims Fraud Detection

Advanced analytics go beyond transforming customer experience and marketing functions and are increasingly being implemented for fraud detection. Cogitate Technology Solutions examines some methods of using predictive analytics to combat fraud.

Often purported to be a ‘victimless’ crime, claims fraud costs insurance companies, and ultimately policyholders, billions and drives up the insurance costs for everyone. While insurance companies have established effective fraud departments, yet undetected claim frauds are on the rise. Claims fraud statistics tracked by several organizations show a consistent increase over the years.

Traditionally, claims fraud detectionis performed by special investigators, insurance agents, claims adjustors and assessors. Armed with limited data about past frauds,heuristics based on a set of fraud indicators, their experience and their instincts, they would personally verify the genuineness of a claim. In reality, there aren’t enough trained eyes to examine all the claims and fraudulent claims slip through. The increase in available data comes with its own challenges as fraud detection becomes onerous and exhausting due to data overload. As multiple data sources are linked, it becomes practically impossible for humans to spot emergent patterns and insurance solutions that can help stem claims fraud are the need of the hour.

Analytics for improved fraud detection

Insurance houses are now beginning to rely on analytics to identify fraud or potential for fraud. The seek to convert available data into actionable intelligence to detect fraud much earlier in the cycle and improve underwriting checks. Analytics helps insurers sift through gargantuan amounts of data to identify patters and data anomalies across multiple data sets. Predictive analytics uses a mix of regression models and advanced techniques to examine the complexity of a claim and to determine if it requires further examination. This helps in assigning appropriate staff based on the complexity of claims while improving the processing speed of legitimate claims and increasing customer satisfaction. 

In combating fraud, three methods of advanced analytics are taking center stage:

Predictive modelling examines data elements to reveal patterns that indicate a high proclivity for fraud. One of the primary ways of fighting fraud, especially in P&C Insurance, is a combination of predictive modelling and text mining. Text analytics are applied to search for keywords in unstructured data such as assessor notes, emails, accident descriptions etc. to identify fraud patterns. Predictive modelling allows insurance providers to move from pay-and-chase to prevention with these prophetic insights.

Social network analysis(SNA), or link analysis, reveals connections to expose collusive activities. SNA helps in identifying proximities and strength of relationships among people, organizations and groups. This, along with studying the flow of information between these entities provides P&C insurance providers valuable insights into any affiliations between insureds and fraudulent groups.

Link and geo-spatial analysis offer a context for a larger and more complete view of claims that might not appear false at the first glance.  Link analysis allows investigators to inspect any possible connections between the parties involved. Geo-spatial analysis investigates the physical proximity of claimants and provides location-based information about the claim. Geo-spatial analysis also helps in identifying the exact area affected by a disaster and weed out fraudulent P&C insurance claims for surrounding areas that are not actually part of the affected area.

If companies cannot afford a custom enterprise fraud analytics system, there are out-of-the-box analytics for insurance solutions available that can improve upon rule-based manual systems. For the power of analytics to be harnessed to its fullest potential, insurance companies must implement correct data-driven practices. They will need to break data silos, combine structured and unstructured data and cross-link multiple data sources to arrive at the full picture of the insureds across underwriting, Claims Management Software and policy management. To understand how Cogitate Technology Solutions can help you with implementing analytics for fraud detection, please visit www.cogitate.us.

Insurance 2020

Cogitate Technology Solutions explores how socio-economic, global and even environmental factors that will reshape P&C insurance in the coming years in addition to the technological shifts.

The future, though unpredictable, can yet be prepared for. In a previous blog post, we looked at how the face of property and casualty insurance has changed. In this post, Cogitate Technology Solutions takes a look at the mega-trends that will shape the metamorphosis of the property & casualty insurance industry in the next decade:

Social buying: Traditionally, there have always been intermediaries between insurance providers and their customers. It was the role of these agents to understand consumer and business needs, followed by matching and personalizing insurance solutions to these needs. 

Insurance Solutions

Insurance Solutions

However, with the increased reach of the internet, mobility and the onset of social trends, supplementary direct sales channels have emerged as customers begin to show a definite preference for buying directly from their insurance providers. The speed, convenience and accessibility that is offered by direct sales offers wider geographical reach and an opportunity to sell to new customers – especially the elusive millennials. The biggest advantage, however, is the opportunity for insurance providers is to offer their services wherever customers demand.

Although. insurance companies will continue to depend on the agents as advisors and as a sales channel. the social trend will subsequently also give this role to their customers’ as network of ‘social advisors’. Insurance companies are predicted to face challenges from self-insuring online communities and influential social networks as group insurance channels. Insurance providers that tailor offerings across all their lines to address such scenarios and build capabilities across multiple digital platforms will find themselves rising to the challenge. 

Climate change: The insurance industry has historically handled low frequency natural disaster such as earthquakes and tsunamis well. However, as the frequency and severity of calamities like unseasonal cyclones, hurricanes, floods and fires increase each passing year, the property-casualty insurance domain is struggling with underwriting these risks, largely due to unavailability of data for assessing risks. 

Property Casualty Insurance Software

Property Casualty Insurance Software

P&C insurers need to arm themselves with new monitoring and sensing technology, hyperlocal weather data and new mechanisms for transferring risks. Solutions such as more investment in renewable energy resources will also affect insurance houses as they are pressed to come up with innovative offerings to share risks. Protected by sophisticated risk modelling and innovative ways of risk transfer or sharing, insurance companies will have a chance at combating the twin challenge of sky-rocketing prices and reduced capacity. 

Emerging Markets: The inter dependency of world economies continues to increase, and the trend is here to stay. The attention shift towards prolific wealth creation in emergent markets coupled with the effects on developed economies of the 2008 financial crisis will play a key role in all domains. Emerging economies continue to witness increased consumption fueled by the rise of the middle class in developing nations. Add to this the greying population of mature economies while the growth of ‘earning’ population continues to rise vs the ‘dependent’ population in developing nations.  

The momentum shift from the dominant developed nations to the productive growth of emerging economies is a reality that property-casualty as well as other insurance providers will do well to prepare for. Especially for business lines, as customers look at newer markets, any inability to stay in step with their needs will put current relationships at risk.

Globalization: Thus, emerging markets are becoming an area of increased interest for insurance companies, as businesses shift their focus to lucrative new markets that have come to the fore. There is also unexpected manna in the form of the main insurance provider in many of these economies being the government, which neither markets aggressively nor offers diverse offerings. The rising middle class demands, and is ready to pay, for more sophisticated offerings, especially innovative P&C business lines. However, serving new customers in these markets or old customers expanding to new markets will pose a challenge before it becomes an opportunity.

Insurance companies will need to reinvent processes and practices for markets that may not follow global standards. They will need to design standardized products and policies to serve customers with presence across economies. Also, insurers will need to understand, leverage and maybe even modernize the extant traditional distribution networks in these nations. Insurance houses must be geared for increased regulatory scrutiny and oversight aimed at fraud and money laundering. Strategic alliances with local insurance providers will need to be established to manage financial and reputation risks in these untested waters.

There exist no authoritative solutions to meet these future scenarios. Insurers must rely on strategy, talent, organizational strength and their core competencies to turn challenges into opportunities. While some of these factors are built into the DNA of an organization, others can be acquired with strategic partnerships. To learn how Cogitate Technology Solutions can help, visit www.cogitate.us.  

Impact of Digital Transformation on the Insurance Workforce

Cogitate Technology Solutions takes a look at the organizational ramifications as insurance providers undertake digital transformation  and seek talent for InsureTech.

As insurance providers undertake exciting digital transformations that enhance customer experience, drive productivity and boosts efficiencies, the focus is often on only the technological advancements and changes. An often-overlooked aspect is the effect of such a transformation on the current workforce.

Most digital insurance journeys will necessitate the workforce to equip themselves with an entirely new skillset. Insurance providers must:

•Recruit new generation of workforce which understands the business and are comfortable with using new and advance technologies. 

•Their current workforce includes valuable experts who must be retrained to harness emergent technology  . 

•Work procedures will be altered, requiring reorientation and retraining of existing staff for new, efficient processes.

•Most insurance providers will also need to address employees’ fear of loss of employment due to obsolete skills and roles.Technology implementation will require revamping processes and training the employees to use new technologies.

•The leadership will have critical role of the Change Agent.They must ensure that the transition from older processes to the new digital insurance ecosystem is smooth and swift.

While Insurance Software Companies in Usa realize that digital transformations will require a workforce with new proficiencies, what are the new skills their employees will need? How do they attract this talent to their organization? Cogitate Technology Solutionspresents some pointersand some challenges to watch out for    :

Insurance Software Companies in Usa

Insurance Software Companies in Usa

Identify missing competencies: The tectonic shift in the insurance industry may be tech-focused, but the organization as a whole, needs to rethink the competencies required for tomorrow. An elementary step is to assess the skill gap in the current technical competency-set and those required to meet the company’s digital transformation goals. The new workforce will include not just data engineers and data scientists but also experience designers, technologists and cloud computing specialists. 

Since most insurance houses are on this journey for the very first time, an experienced digital transformation partner who can provide insights based on prior experience and augment in-house capabilities can be invaluable in this regard.

Hiring the right talent: The insurance industry needs to contend across industries to attract the top talent. According to code.org research, there are half a million open IT jobs and the insurance industry will have to battle fiercely for their share of the talent. Their competition will be with the tech giants and the best-of-breed organizations from across the board. 

The task will be made harder by the fact thatSTEMC (“Science, Technology, Engineering, Math and Computers”)   graduates usually do not consider the traditional insurance solution as a serious, long-term career option. Insurance will also need to consider a generational shift, especially in the light of the ageing workforce in the insurance industry. Insurance providers need to start thinking of not just selling to millennials, but becoming an attractive employer for them, too. Evolving aggressive strategies to attract, nurture and retain talent with the critical skill sets will be indispensable to keep pace. 

Insurance Solutions

Insurance Solutions

While some hiring will be a must for insurance providers, again, a collaboration with the right technology partner who has a ready software talent pool to deploy your digital transformation strategy can make all the difference.

Shifts in management paradigms: The second part of addressing the competency gap is do develop the leadership required to helm an insurance company. Developing managing capacity in-house is an absolute must for any insurance provider who aims to remain relevant in the emergent InsureTechecosystem. New competencies like advanced analytics will become must-haves to be able to leverage the technology and they will need to re-skill themselves to manage a much younger workforce. Managers will need to assimilate skills, insights and technology from across the organization and must be supported with buy-in from the leadership.

Cogitate Technology Solutions has worked with some of the biggest insurance providers in the US on their digital transformation journeys. To understand how we can help you, too, please visit www.cogitate.us.

Insurance Solutions for Property-Casualty Insurance

Cogitate Technology Solutions takes a look at trends in property-casualty insurance and how insurance providers can channel these changes to their advantage.

As disruptions continue to transform traditional industries, insurance companies too are looking at a future that is hard to predict. Technological shifts continue to impact the very nature of the services and the role of insurance providers. The future, though unpredictable, can still be prepared for. Cogitate Technology Solutions takes a look at the top trends that are transforming P&C insurance to help prepare insurers to meet these challenges:

Big Data and analytics: Good data will always remain an invaluable advantage for any insurance provider. Now more than ever, P&C insurance companies have a gargantuan amount of data collected from direct interaction, smart-device usage, wearable and embedded sensors or even social media. However, the quality of insights from this data and their actionability is only as good as the analytics. For insurance companies that can harness the power of predictive data analytics systems, improved pricing and risk selection, identifying frauds and quicker processing of claims hold the promise of increased customer satisfaction and loyalty.

Drone inspections: Certified drone operators could be the future of claims professional, especially for property-casualty insurance. Drones are increasingly used to gather data before property insurance, assess damages after a catastrophic event and even assist in routine maintenance. Expect regulatory changes that will help insurance houses expand the nascent use of drones to more domains and tasks. Combined with geospatial analytics and AI sophistication, drones can give P&C insurance providers the competitive advantage. 

Wearables: The face of workplace injury insurance solutions is set to change with the integration of wearable devices and sensors into traditional offerings. Smart wearable devices that track movements and can help establish risk profiles for employees will be invaluable for managers when planning trainings. The real-time safety data will have a tremendous impact in lowering injury risks, creating safety checklists and inspections. 

Insurance Solutions

Insurance Solutions

Autonomous vehicles: As driverless cars accompanying safety and time efficiency become the norm, KPMG predicts a massive drop in traditional automobile insurance the coming decades as the number of accidents and bodily injury liability reduce. Premiums might hold up in the short run as cost of individual accident go up due to expensive automobile technology and parts, but in the long run analysts predict a sharp fall. However, the loss in personal lines may be compensated by gains in commercial lines as more ridesharing and on-demand services rise. Also, with the convergence of ultra-connected automotive technology and mobility, breach of data privacy and malicious interference might see a commensurate rise in cyber liability insurance.

Robotics: As insurance companies seek to add more value through technology, robotics process automation (RPA) adoption will see a rise with P&C insurance companies. RPA is a technology that uses no-coding-required software bots to imitate human interactions like clicking, opening apps, typing, etc. RPA integrates these interactions with digital systems and helps insurance providers gain an artificially intelligent workforce that can handle time-consuming, routine tasks. RPA combined with human intelligence can help augment higher-value decision-making, increase efficiency and improve scalability across the P&C insurance value chain. 

Insuring millennials: Millennials are a part of the market that insurance companies must learn to sell to, however steep the learning curve. Digital natives by nature, millennials demand ease and convenience. Insurers must establish a presence not just online, but also offer mobile insurance solutions and be accessible across multiple social platforms. Rich rewards in the form of educating and engaging a whole new segment of the market awaits those that succeed. 

Weather Analytics: As the frequency and severity of calamities like unseasonal cyclones, hurricanes, floods and fires increase each passing year, the insurance domain is struggling with underwriting these risks due to unavailability of data for assessing risks. P&C insurance providers need to arm themselves new monitoring and sensing technology, hyperlocal weather data in catastrophe-prone areas and focus on climate related risk management and investments. 

Property Casualty Insurance Software

Property Casualty Insurance Software

Most property casualty insurance software providers are skeptical about the impact of these changes and believe the changes to be far in the future as most of these disruptions are in an embryonic stage. While this conservatism is understandable, insurers’ agility and preparedness in responding to these changes will play a key role in Their survival. Partnering with the right technology partners to help ride the wave could be the differentiator between thriving on change or succumbing to it. To understand how Cogitate Technology Solutions can help you harness the power of change, visit www.cogitate.us.

Choosing a Claims Management Software

What should an insurer look for when choosing a great claims management software? Cogitate lists the important factors for those involved in making InsureTech decisions.

It is a formidable challenge to find the right Claims Management Software that fits the needs of all the users of a complex claims environment. An optimal solution should improve claim service while simultaneously reducing costs. It should optimize processes and be customizable so that it can be tailored to your specific needs. It should meet your today needs as well as those in the future. Clearly, choosing the right claims management software that suits your organization’s needs can be a daunting task. Where do you begin? Which are the important factors to consider when making the decision? 

claims management software

claims management software

Cogitate Technology Solution has been the technology partner for many leading insurers in the United States. Based on our experience of understanding of what an insurer needs from a claims management software (CMS), here is a list of important factors to consider when making the choice:

Clarify your needs: It is critical to understand the business challenges or desired benefits that you want the CMS to address. Among the plethora of options and benefits on offer in the market, which CMS addresses the issues that are your top priority? Does the solution offer many powerful features but leaves something to be desired in your top priorities? If you have clarity on your key strategies and where your current processes and tools fall short, half the battle will be won before you start.

Understand who will use it: Identify all the stakeholders who will be affected by the implementation of the new CMS and make sure every last one is consulted in making the decision. CMSs interact with business teams, customers, agents, in-house departments like accounting and multiple third-parties. Understanding their needs and finding the CMS that is useful for each user-group will be key to the success of your new claims management solution for years to come.

Make sure the solution matches your plans: Your firm’s aggressive growth plans should not be hobbled by technology that isn’t flexible and powerful enough to keep pace, nor add underutilized heft. Does the claims management software under evaluation have enterprise capabilities a large organization will need? Does it  weigh down a small firm with an expensive solution that adds complexities which could be pared? Does its strength lie in digitalization and collaboration alone or does it also have the business process automation your strategies demand now and in the future? Does the CMS offer the advantages of technological leaps or is it based on architecture or technology that won’t last the distance?

Prepare for change: Any CMS you choose will require getting used to inevitably altered processes, changed reporting and tweaked workflows. Introducing a new way of doing things will go down much smoother with very careful change management. When evaluating the CMS, also look at the support, training and hand-holding offered by the solution provider to ease the transition. A key indicator will be the length of relationships with clients, not just the number of successful implementations.

Choose the right partner: To successfully use your new CMS for many years to come, a lasting relationship with the provider will go a very long way. The right solution provider is not offering a one-off solution, they are building a partnership with you. Make sure that they understand your particular domain of insurance, can demonstrate successful implementations as part of their track record and have the capability to grow as your needs evolve over the years.

Cogitate Technology Solutions offers a powerful claims information solution that caters to the needs of carriers, third party administrators as well as independent adjusters. Its powerful and comprehensive dashboard and reporting give real-time, fine-grained insight and analysis into your claim performance. The power of our solution is augmented by our Time Limit Demand Awareness and Management tool which uses AI and machine learning to analyze and prioritize TLDs without human intervention. 

To understand how Cogitate.us can help you find the right claims management software for your needs, learn more about us www.cogitate.us.

Imperatives For The Rightinsurance Software Solution

Insurance is a behemoth industry that continues to grow in size and complexity. Insurers today face unparalleled challenges.

Customer needs are evolving rapidly as customer expectations continue to rise and retention surfaces as a keymandate. Product offerings have transformed rapidly, and sales channels are redefined as this article is being written. The omnipresent changes in regulation and risk environments continue to be gamechangers that no insurer can afford to drop the ball on.

In such a challenging time, how can an organization make sure that it is choosing the right insurance software solution that fits their needs - today’s and of future? 

insurance software solution

insurance software solution

One basic decision to make is whether you will develop the technological expertise in-house or collaborate with a technology provider who already has the chops to deliver your tech needs. As a leading innovative insurance technology partner, we at Cogitate Technology Solutions believe partnering with experts is the quickest and most effective way to arrive at an insurance software solution that will go the distance in helping your organization meet its tech needs.

Whether meeting your needs in-house or partnering with a technology solutions company like Cogitate, here is our list of must-haves:

Time: In today’s competitive climate, expenditures on technology have to be justified by a rapid ROI. The quicker your insurance software solution is up and running, the more value you will derive from it. Any solution you choose must deliver faster time-to-market for your products while also offering improved response time for your customers.

Agility: Is the technological solution you choose going to lock you into a rigid or sluggish position that cannot keep pace with the rapidly evolving business ecosystem? With the insurance environment shifting constantly and swiftly, the chosen software’s ability to cope with rapid change will remain a key criterion to the success of your endeavor. 

This agility must also extend to processes, preferably putting business users in-charge of process changes. Increasingly, this will result in lesser reliance on the IT team and a far quicker response time for your customers.

Seamless Integration: One of the primary considerations when choosing an insurance software solution must be the how well it integrates with your current system and how much coverage it provides. Does it support all the sales channels that your organization currently uses? If you are an insurer with multiple lines of businesses, you will need a solution powerful enough to cover all of them. How easy is it to integrate with your current systems, including any other third-party solutions that your organization uses currently? In case of multiple segments, will the insurance software solution help integrate your systems with those of your business partners’?


Proven track record: If you choose to partner, your tech expert should be simply that – an expert. There is simply no time to ‘learn and grow together’ as delays will cost you in business lost to competitors who get there first or disrupt the industry while you are playing catch-up. Make sure your partner has consistently delivered measurable results in the insurance domain before you sign on the dotted line.

Cogitate has been on the frontline of rapidly deploying complex, innovative insurance software solutions to insurers. We combine 50 years of insurance knowledge with superior technology talent that help insurers stay competitive and remain relevant as they gear their businesses for the future. We serve various segments of the insurance distribution value chain and cover end-to-end digital servicing, advising and marketing for your business. To learn more about our full-slate, cost-effective products and easiest-to-use technology, visit www.cogitate.us.